China's National Development and Reform Commission (NDRC) has released a draft revision of its outbound investment management rules for public comment from Aug. 21 to Sept. 20, 2026. The proposal would expand the definition of investors from enterprises to domestic enterprises, other organizations and individual residents, and would classify overseas reinvestment by investors as outbound investment. Investors would need to secure an approval document or filing notice before carrying out an outbound investment. For newly covered individual residents, the NDRC would handle approvals, while filing applications would go to the provincial development and reform department in the individual's place of household registration or usual residence.